Irideos, an Italian ICT firm (born in 2018 out of the merger of Infracom, KPNQWest Italia, MC-link, Enter, BigTLC, Clouditalia, and Noitel Italia) and is owned by F2i and Marguerite funds, attracted a 400 million euros non-binding offer of Grain Capital (see here a previous post by BeBeez). The company also attracted the interest of IPI Partners, which acquired Supernap Italia earlier in March. Danilo Vivarelli is the ceo of Irideos which has sales of 207.5 million, an ebitda of 48 million and losses of 6.4 million.
Milan-listed vending machines leading company IVS announced a business combination with its competitor Liomatic which will give life to a group that in 2020 recorded over 700 million drinks with over 260,000 distributors installed and which has 3,400 employees and a market share in vending in Italy in the order of 17-18% (see here a previous post by BeBeez). IVS will buy Liomatic and Liomatic’s owner, the Caporali family, will fetch 100 – 105 million out of such a sale on the ground of an enterprise value of 154 million and will purchase 10.8% – 13.3% of the buyer. This is a new significant step in the history of IVS which has been the first Italian company to list on the Italian Stock Exchange thanks to the business combination with a Spac back in 2012. The Spac name was Italy 1 Investments sa, and in turn it has been the first Spac to be listed in Milan back in 2011.
Musixmatch, an Italian app for lyrics, hired Citi as financial advisor as it attracted the interest of some private equity funds such as TPG, Apax, KKR, and Francisco Partners (see here a previous post by BeBeez). Musixmatch belongs to the founders Max Ciociola, Gianluca Delli Carri, Giuseppe Delfino, Francesco Costantino; venture capital investors Micheli Associati, P101 and United Ventures; well know angel investor Paolo Barberis and further minority owners. In 2020, Piton Capital acquired 7.15% of Musixmatch for 2.5 million US Dollars from previous investors. The company has sales of 13.5 million euros, an ebitda of 4.5 million and net cash of 6.8 million. Vendors may fetch 300-400 millions.
TAS, a Milan-listed fintech, attracted the interest of Gilde Private Equity that will buy 73% of the capital from managers for a 134.5 million euros price and will then launch a tender offer on the remaining shares aimed at delisting the company (see here a previous post by BeBeez). GUM Consulting, Bravi Consulting, Fabio Bravi and Matteo Bravi will sell their stakes. Gilda will pay 2.20 euros per share for a total of more then 180 million euros if all shares are sold to the offer. TAS has sales of 61.7 millions with an ebitda of 16.3 millions.
Italian luxury menwear company Ermenegildo Zegna is preparing to land at the NYSE with numbers that show a great recovery after the 2020 crisis triggered by the pandemic (see here a previous post by BeBeez). In 1H21, Zegna posted sales of 603.3 million euros, an adjusted ebit of 66.8 millions and net profits of 32.2 millions. The company’s net financial debt is 73.3 millions. Assuming a similar trend for the second half of the year, these are numbers that would actually lead to reaching the targets set for the end of the year by Zegna on the occasion of the announcement of the business combination with Spac Investindustrial Acquisition Corp last July (see here a previous article by BeBeez).
Climate Pledge Fund, a vehicle of Amazon for investing in the decarbonization sector, acquired a minority of CMC Machinery, a packaging company of which KKR has 70% and the Ponti family 30% since November 2020 (see here a previous post by BeBeez). Alantra advised the vendors. CMC has sales of 50.3 million and an ebitda of 3.6 million.
German private equity Bregal Milestone is willing to invest 100 million euros for a 16.09% of InfoCert, a Certification Authority for legal email that is part of Milan-listed Tinexta (see here a previous post by BeBeez). The pre-money enterprise value of InfoCert is of 501 millions or 20x the adjusted ebitda. Infocert has sales of 80.1 million, an ebitda of 19.6 million, net profits of 11.5 million, and net cash of 469k euros. Bregal will pay 70 millions at the closing and 30 millions within the following 12 months to increase its stake to up to 19.95%. The fund will appoint two out of eleven directors of the company. InfoCert will invest such proceeds in acquisitions .
PHSE, an Italian provider of logistics services for the pharmaceutical sector that belongs to Eddy De Vita and NB Aurora, acquired Italian competitor Duimex (see here a previous post by BeBeez). The target’s coo and founder Federico Bossi sold the asset with sales of 3.4 million euros and an ebitda of 216k euros. Mr. De Vita and NB Aurora bought a 70% stake in PHSE in 2019 on the ground of an equity value of little above 53 millions. The company has sales of 29.8 millions.
On 21 October, Thursday, Intermonte Partners launched its ipo on Euronext Growth Milan and listed 38% of its equity (see here a previous post by BeBeez). At the closure of trading the firm’s shares price was up 8,57%, at 3.04 euros for a market capitalization of 110 million euros. Intermonte raised 38.5 million with such a listing. Intermonte is a leading securities broker in Italy whose business model is also evolving into pre-ipo club deals thanks to a partnership with QCapital, a company founded last April by private equity veterans structuring private equity club deals.
Damiani jewelery group announced that it is among investors of the club deal that at the end of September has acquired a 40% stake in LuisaViaRoma, the Florentine fashion brand distributed almost exclusively online (see here a previous post by BeBeez). The club deal, led by the Style Capital fund, managed by the homonymous asset management company of Roberta Benaglia, acquired the stake both subscribing a 50 million euros capital increase and buying stakes from entrepreneur Andrea Panconesi for a total investment of 130 million euros (see here a previous article by BeBeez). Andrea Panconesi will retain a 60% stake. Alessandra Rossi has been appointed as new ceo of Luisaviaroma that has FY 2020 sales of 187.5 millions, net revenues of 180.4 millions, an ebitda of minus 4.3 millions and net cash of 7 millions.
On 23 October, Saturday, HOPE (Holding di Partecipazioni Economiche), a new alternative investment company, presented its business project to the market with an exclusive party in the centre of Milan where about 800 people from finance, industry, institutions and entertainment world were invited (see here a previous post by BeBeez). The fund will both carry on private equity transactions in Italian SMEs and will invest in urban systems, real estate and sustainable infrastructures. Hope aims to raise 500 million euros (30% to institutional investors and 70% to retail investors, sources said to BeBeez) ahead of a 10 – years target of 10 billions. The company will be listed on the Italian Stock Exchange and will raise funds both from institutional and retail investors with an IPO. Retail investors may pour at least 1,000 euros with a target yield of 10%-12%. HOPE belongs to the ceo Claudio Scardovi (3.6%), Unicredit (19%), Amundi (14.5%), Banca Generali (9%), and Bnl (5.4%), together with smaller investors Cnp Unicredit Vita, Banco Bpm, Popolare di Ragusa, Banca Mediolanum, Banca Popolare di Puglia e Basillicata, Mauro Del Rio, Stefano Aversa, Piero Masera, Andrea Beltratti, Emilio Ottolenghi, Matteo and Paolo Zanetti (prodotti caseari), Alessandra Manuli, Vito Rocca, Angelica Dallara, Urbano Cairo, and Isabella Seragnoli.
Cascade Corporation (part of Toyota), a producer of forklifts, acquired from Calvi Holding the US-based competitor Lift Technologies and Italy’s Lift-Tek Elecar (see here a previous post by BeBeez). In March 2019, Dea Capital converted part of Calvi’s 63 million debt in a 26% equity stake. In December 2017, CCR had actually acquired the company’s credits from Unicredit, Intesa Sanpaolo, Banco Bpm, Bnl, Ubi Banca, Mps, Banca Ifis, and Credito Valtellinese. Lift-Tek Elecar has sales of 38 million, an ebitda of 4.3 million and net cash of 7.5 million.
Dedalus, a developer of software for the healthcare sector that belongs to Ardian, acquired Belgium’s Dobco Medical Systems (see here a previous post by BeBeez). Jan Dobbenie (ceo) and Kristof Coucke (cto) founded the target in 2011 and in 2018 sold a minority to Fortino Capital Partners. Dedalus has revenues of 700 million euros.
Wisequity acquired 50% of Special Flanges, an Italian producer of industrial components, from the founder and chairman Augusto Zucchinali (see here a previous post by BeBeez). The company aims to grow through acquisitions. Crédit Agricole Italia financed the transaction. Special Flanges has sales of 51.2 million euros (66% abroad), an ebitda of 12.2 million and net cash of 11.4 million.
Etichettificio LGL, an Italian producer of stickers that belongs to search fund Maestrale Capital promoted by searcher Vito Giurazza, acquired Italy’s Sefran and Alfa and Spain’s Adhegrafic and created Tikedo (see here a previous post by BeBeez). Vito Giurazza is the ceo of Tikedo.
Giacomo Andreoli, the founder of Sovereign Capital Advisory, Giuliano Rizzi, a partner of the Law Firm CR Associati and Dario De Sanctis, a principal of BCG, launched the health care search fund Wealth For Health (W4H) (see here a previous post by BeBeez). The vehicle will acquire only one target and sell it in the mid to long term like a club deal platform. In addition, W4H aims to implement an ESG strategy for the company that it will eventually acquire. The fund seeks to buy a non-capital intensive company with an above 20% ebitda, positive cash flows and a solid reputation.
GWM Group, an Italian real estate asset manager and credit investor will launch a delisting offer for 51% of Milan-listed fund Opportunità Italia next November 1st, Monday and will end it next November 26th, Friday (see here a previous post by BeBeez). GMW will invest in the region of 35.3 million euros for such a delisting.
Milan-listed The Italian Sea Group tabled a 47 million euros bid for bankrupted yachts producers Perini Navi (See here a previous post by BeBeez). Ferretti and Sanlorenzo also table a new bid without saying how much they want to pay after having previously withdrew from the race as they considered too expensive the base July’s auction price of 62.50 millions. A second auction in September on the ground of a 56.25 million price did not attract any bid.
